cally have a limited number of responsesavailable to it.
AI-based bots are still in the minority butPage foresees a day when they are almost ascommon as their older counterparts.
“We are seeing a lot of adoption aroundbuilding natural language processing toolsfor bots, for example. These bots are ableto have advanced conversations much like aleasing agent could.” The bots aren’t meantto replace the leasing agent, he adds.Rather, the typical scenario is that the leasing agent comes into the office and picksup where the bot left off.
Chatbots are just one area in which AI
has begun to meet up with commercial realestate to take processes and proceduresbeyond the confines of mere automation.To truly understand the implications ofthis, though, a brief explanation of AI isnecessary. At its most basic, AI is technologythat is capable of performing tasks that usually require human intelligence. It goesbeyond, for example, predictive analytics ordecision-tree modeling to process information and think like a human.
CRE OPENS THE DOOR TO AI
For anyone following commercial real
estate’s adoption of high tech in the last
decade, it may be hard to grasp that AI is
being used in a range of activities today.
CRE, for years, was seen as a laggard in
advanced technology adoption, an image
that was finally shed years ago. AI, though,
is the height of advanced technology and
computing and more often associated with
such cerebral applications as curing cancer
or creating self-driving cars.
It is doing those things, with great fanfare in many cases, but the technology has awide range of use cases, some of which arebeing applied in commercial real estatefrom valuation of buildings, to runningsmart offices to revenue management.